Kleinpaste leaves Legg MasonThe head of Legg Mason Inc.'s...

BUSINESS DIGEST

February 24, 1994

Kleinpaste leaves Legg Mason

The head of Legg Mason Inc.'s real estate consulting arm has left the firm to become president of Regency Homes Corp., an Annapolis homebuilding company.

Robert T. Kleinpaste had headed Legg Mason Realty Group since 1989. Before joining Legg Mason, he had founded Real Property Research Group in 1975 and sold the company to Legg Mason in 1986.

Legg Mason said it has not yet named a replacement. "He's too good to replace with just anyone," company spokesman Bruce Genther said. "He left a good, lasting impression."

Mr. Kleinpaste couldn't be reached late yesterday, after Regency announced the move. Privately held Regency Homes, which has been a client of Legg Mason Realty Group, builds about 650 homes a year and has annual revenues of $110 million.

AAI in venture with Czech firm

AAI Corp. in Cockeysville has joined with Skoda, a Czech Republic company, to form an electric trolley bus manufacturing company in Dayton, Ohio.

The joint venture, Electric Transit Inc., will bid on a contract to build a fleet of up to 90 electric trolley buses for the Dayton-area Miami Valley Regional Transit Authority. If the company wins the contract, some of the production work on the buses will be done at AAI's Cockeysville complex.

Big bonus for Chrysler executives

Top executives at Chrysler Corp. got bonuses doubling their salaries as rewards for a year that generated $3.8 billion in profits, the Detroit News reported yesterday.

Word of the bonuses for the 1993 performance comes after Chrysler's 65,000 union workers received record profit-sharing checks averaging $4,300.

For management, the bonuses were doled out to 200 directors, department managers, vice presidents and above, the News reported, citing unnamed Chrysler executives.

A Chrysler spokeswoman said the company would have no comment on the reports.

Washington REIT funds up 7.1%

The Washington Real Estate Investment Trust said fourth-quarter funds from operations rose 7.1 percent, to $6.56 million, from $6.13 million a year earlier.

The Kensington-based REIT, which owns about 32 apartment buildings, shopping centers, office buildings and other structures, said fourth-quarter net income jumped 7.3 percent, to $5.62 million, or 20 cents a share, from $5.09, or 19 cents, a year earlier. Revenue rose 14 percent, to $10 million, from $8.6 million.

Washington's shares fell 12.5 cents, to $19, on the American Stock Exchange yesterday.

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