BTR Realty Inc.

BY THE NUMBERS

March 29, 1991

BTR Realty Inc. of Linthicum said yesterday that it lost almost $3.2 million, or 37 cents a share, during the fourth quarter of 1990.

The company said, however, that its earnings before depreciation, amortization and deferred taxes from operating properties were up 16 percent for the full year.

BTR said that discounting depreciation and the other factors lets investors judge its cash flow, which the commercial real estate ,, development company said gives a better picture of its health than net income.

BTR's largest business is developing and managing locally oriented shopping centers.

The company's Baltimore-area properties include York Road Plaza in Towson and the Harford Mall in Bel Air.

BTR's net income for the year was depressed by third-quarter write-offs, caused by the declining value of Arizona development projects and ventures in which the company was involved.

The company said a continuing review of its land portfolio shows no reason to make further write-offs.

Three months ended 12/31/90

.. .. .Revenue.. .. .. .. Net.. .. .. .. Share

'91.. .5,084,002 ..(3,152,799) .. .. ..(0.37)

'90.. .6,010,593 .. ..(82,309) .. .. ..(0.01)

% change 15.4 -- --

12 months ended 12/31/90

.. .. .Revenue.. .. .. .. Net.. .. .. .. Share

'91.. .20,366,006.. .. ..(6,374,172) ..(0.74)

'90.. .26,955,847.. .. ..243,652. .. .. 0.03

% change 24.4 -- --

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