MART's earnings jump 70 percent to $6.1 million

August 01, 1998|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

Mid-Atlantic Realty Trust's earnings jumped 70 percent to $6.1 million in the second quarter of this year, compared to the year-ago period, a surge the Lutherville real estate investment trust attributed to the acquisition of 11 shopping centers in July 1997 and three other recent property additions.

MART said gains from the $129 million portfolio acquisition from the Pechter Group were offset by sales of three Arizona retail hubs and the company's 34-acre Gateway International office complex.

On a per-share basis, MART reported earnings of 32 cents per share. The REIT's revenue in the quarter ended June 30 rose nearly 50 percent, compared to the year-ago period, to $12.3 million.

For the first half of 1998, MART generated funds from operations -- defined as net income plus noncash charges and excluding gains and losses from property dispositions -- of $12.3 million, or 64 cents per share. Revenue for the first six months of 1998 was $24.1 million.

"The results for both the three- and six-month periods are in line with expectations," said F. Patrick Hughes, MART's president and chief executive.

Pub Date: 8/01/98

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