Rouse Co. earnings before noncash charges increased in both the second quarter and first half over year-earlier levels, the Columbia-based real estate development and management company said in an interim report using unaudited data.
But larger noncash charges -- mainly depreciation on Rouse's growing portfolio of properties -- left the company with lower net income in both the three-month and six-month periods although revenues increased.
And Washington Real Estate Investment Trust said yesterday it was raising its dividend 17.2 percent, making the boost in payouts so far this year 28 percent, as its earnings rose 11 percent in both the second quarter and first half.
Rouse's earnings before noncash charges increased from $3.08 million to $3.27 million in the second quarter and from $6.32 million to $6.299 million in the first half.
Depreciation of property -- the largest noncash charge -- topped 1979 levels by $600,000 in the half and $300,000 in the quarter, a Rouse spokesman said, addiing that the first-half figure included $400,000 depreciatiton of one new property, the Governor's Square mall in Tallahassee.
Net income was $702,000 (5 cents a share) in the second quarter on revenues of $28.19 million compared with 1979 second-quarter net income of $760,000 (5 cents) on revenues of $26.18 million, while first-half net income was $1.33 million (9 cents) on revenues of $56.20 million compared with $1.53 million (11 cents) on revenues of $50.88 million a year earlier.
Rouse's report said all operating divisions performed well.
WRIT, a real estate investment trust based in Bethesda, said the latest dividend increase brings the annual payout rate to $2.72 a share, up from $2.32 in March and $2.12 at the beginning of the year.
The new quarterly dividend of 68 cents a share will be paid Sept. 30 to stockholders of record Sept. 5 and will be the 75th equal to or higher than the preceding quarter's, WRIT said.
Second-quarter net income was $899,947 (59 cents) on total income of $3.07 million compared with net income a year earlier of $803,274 (53 cents) and total income of $2.58 million. First-half net income rose from $1.46 million (96 cents) to $1.63 million ($1.07) as total income increased from $5.07 million to $6.09 million.