Mid-Atlantic Realty Trust posts operating gains of 33%

November 15, 1994|By a Sun Staff Writer

Mid-Atlantic Realty Trust said yesterday that it recorded a 33 percent gain in its third-quarter operational income.

MART, a Linthicum-based real estate investment trust (REIT), reported funds from operations -- a key gauge of a REIT's performance -- of $1.5 million, or 24 cents a share, for the period ended Sept. 30, compared with pro forma results of $1.15 million, or 18 cents a share, for the same period last year.

Revenue for the three months increased to $5.4 million from $4.8 million in the comparable 1993 quarter.

For the nine months, MART reported a 17 percent increase in funds from operations to $5.1 million, or 82 cents a share.

MART's results for last year were stated pro forma because the company completed its $96 million initial public offering in September 1993, and folded the assets of BTR Realty Inc. into its operation.

For the third quarter, net earnings were $317,000, reversing a loss of $58,000 incurred the year before.

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