BTR Realty reorganizes

January 21, 1992|By Timothy J. Mullaney

BTR Realty Inc., a Linthicum developer that has hit hard times during the recession, said yesterday that it will fold its development division into other operations to concentrate on managing its existing properties, which include the Harford Mall and York Road Plaza.

The consolidation will mean that four of the division's seven executives will leave the company, BTR President F. Patrick Hughes said. One of them, Vernon D. Kalkman, was president of BTR until Mr. Hughes replaced him in 1990.

The remaining three were given other jobs at BTR, he said. The company also said it would take a charge against fourth-quarter earnings of about $1 million for costs related to the sale of three development projects -- a shopping center in North Carolina, and two projects in upstate New York. The company said it couldn't get the projects financed without putting an unacceptable amount of cash up front.

The company said the consolidation will not affect its scheduled local projects: a shopping center to be anchored by a supermarket in the Owings Mills New Town community and the expansion of the Harford Mall and York Road Plaza.

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