Mid-Atlantic Realty earnings up 43% in quarter

July 23, 1994|By Timothy J. Mullaney | Timothy J. Mullaney,Sun Staff Writer

Mid-Atlantic Realty Trust of Linthicum said yesterday that its second-quarter earnings rose nearly 43 percent, and that it has reached final lease deals with Giant Food Inc. that clear the way for renovations to begin at York Road Plaza at the city-county line and Wilkens Plaza in Arbutus.

The company's second-quarter net income jumped to $751,000, from $526,000. Funds from operations, a cash flow measure that many publicly held real estate companies use to offset the fact that accounting rules on real estate depreciation distort results, rose to $2 million from $1.73 million.

"Our rents are up a bit," Mid-Atlantic President F. Patrick Hughes said. "Percentage rents in some cases are a little better, and our costs are down. But where it really is is in the revenues."

Mr. Hughes said the York Road Plaza work can begin after necessary permits are obtained and county approval of the site plan.

"We're in the process of doing that now. Then we can start demolishing," he said.

The York Road plan calls for a complete realignment of the company's shopping center. The plan was amended after neighbors protested proposals for Baltimore County to sell Mid-Atlantic, then known as BTR Realty Inc., a piece of Forge Park behind the center to make room for the expanded Giant. BTR had offered to provide another park space nearby.

Instead, Mid-Atlantic will knock down the recently closed movie theaters at the plaza, build new stores on that land for its tenants other than Giant, then tear down the existing stores to make way for the expanded Giant.

Mr. Hughes said Mid-Atlantic hopes to complete the Wilkens Plaza job by February and the York Road Plaza renovations by next summer.

Mid-Atlantic ......... Ticker ... Yesterday's

Realty Trust ......... Symbol .... Cls. .. Chg.

.......... ............ MRR ....... 8 7/8 - 3/8

Period ended

6/30/94 ....... 2nd qtr. .... Year ago ... Chg.

Revenue ......... $5,868 ...... $5,473 ... +7.2%

Net Income ........ $751 ........ $526 ... +42.8%

Primary EPS ...... $0.12 ....... $0.08 ... +50.0%

........ ...... 6 mos. ... Year ago ... Chg.

Revenue ...... $11,424 .... $10,516 ... +8.6%

Net Income .... $1,451 ....... $846 ... +71.5%

Primary EPS .... $0.23 ...... $0.13 ... +76.9%

Figures in thousands (except per share data.)

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