Mid-Atlantic Realty Trust has 18% gain in income

February 16, 1996|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

Mid-Atlantic Realty Trust yesterday reported its operational income rose 18 percent in 1995 to $8.01 million, gains fueled by rental increases and stronger occupancy within its projects.

The Linthicum-based real estate investment trust's funds-from-operations gain, to $1.30 a share, came on revenues of $24.9 million, a 10 percent jump from the year before.

"The improvement to MART's operations were due to rental increases and stronger occupancy in MART's portfolio, as well as the full year of operation of its September 1994 acquisition, the Shoppes at Easton," said MART Chief Executive F. Patrick Hughes.

"The fourth quarter of 1995 was modestly enhanced by both the November opening of the New Town Village Center in Owings Mills and the acquisition of the Brandywine Commons shopping center in Delaware."

In the fourth quarter ended Dec. 31, MART generated money from operations -- defined as net income excluding depreciation and amortization, as well as gains or losses from the disposition of property and other nonrecurring items -- of $2.1 million, or 34 cents a share, a 24.5 percent bump upward from the comparable period a year ago.

Funds from operations are viewed as a better gauge of a REIT's financial health than generally accepted accounting principle net income figures, because of the specialized nature of the real estate business.

Revenue in the quarter also rose 10 percent, to $6.6 million, the company said.

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