Several local real estate investment firms and financial institutions have reported their earnings through June 30.
B.F. Saul Real Estate Investment Trust of Chevy Chase reported a net loss of $909,000 (15 cents a share) for its third quarter ended June 30, compared with a loss of $1.8 million (30 cents) in the year-ago quarter.
The loss for the nine months ended June 30 was $3.8 million (64 cents), compared with $6.7 million ($1.16) a year ago. The improved earnings resulted from gains on sale of equity investments, the company said. The gain on the sale of those investments was $536,000 for the quarter and $1 million for the nine months. There were no gains in the 1977 periods.
Federal Realty Investment Trust of Chevy Chase reported second-quarter earnings of $416,000 (29 cents a share), compared with $387,000 (29 cents) a year ago. (The number of shares out-standing increased from 1.4 million to 1.3 million during the year.)
First-half earnings were $895,000 (63 cents), compared with $795,000 (59 cents) a year ago. Federal Realty signed purchase agreements on July 27 to acquire 15 shopping centers with a total of two million square feet of space.
BTR Realty Inc. of Linthicum Heights, Md., reported second-quarter earnings of $385,000 (70 cents a share), compared with $81,000 (15 cents) a year ago. First-half profits were $423,000 (77 cents), compared with $295,000 (54 cents) a year ago.
BTR Chairman Walter Hall said, "Profits from non-recurring land sales accounted for the greater portion of the increase (in profits)." BTR, with a partner, has begun construction of the Fallston Shopping Mall in Harford County, Md., and is considering developing two more shopping centers.
Citizens Bank and Trust Co. of Maryland reported first-half earnings of $4 million (3.17 a share compared with $3.2 million ($2.54) a year ago.
First Financial of Virginia reported earnings of $2 million ($4.21 a share) for the year ended June 30 compared with $1.6 million ($3.48) for the previous year. Chairman Richard Lawton credited the earnings improvement to FFV's principal subsidiary, Washington-Lee Savings and Loan Association.
FFV also declared a dividend of 25 cents a share payable July 28 to stock-holders of record July 14.
The National Bank of Fairfax reported record second-quarter earnings of $471,000 ($1.41 a share). First-half earnings were $872,000 ($2.61), a 72 percent increase over the yearago period. The bank declared a dividend of 30 cents a share payable June 30 to stockholders of record June 26.
Farmers and Mechanics National Bank of Frederick, Md., reported first-half earnings of $872,000 ($1.47 a share), compared with $743,000 ($1.30) a year ago. F & M, with 13 branches, recently introduced its own Visa and Master Charge credit cards.
National Bank of Maryland, based in Hillcrest Heights, reported first-half earnings of $349,000 ($1.63 a share), compared with $236,000 ($1.10) a year ago. The bank announced a dividend of 15 cents a share payable June 30 to stockholders of record May 31.