Waghington Real Estate Investment Trust raised its divident yesterday after reporting a 17 percent gain in first-quarter profits.
Washington REIT earned $1.045 million (22 cents a share) for the quarter ended March 31, up from $896,000 (20 cents) in the same period a year ago. Total income for the trust climbed to 3.5 million from $3.2 million
President B. Franklin Kahn said the gains were produced by new energysaving heating systems in the trust's buildings, the elimination of short-term borrowings through a new stock offering and reinvestment of funds in upgrading buildings.
The trust rased its divident to 27 cents a share from 25 cents, to be paid June 30 to shareholders as of June 10.
BTR Realty Inc., of Baltimore reported first-quarter profits of $165,000 (15 cents a share), up from $40,000 (4 cents) a year ago, while revenues climbed to $4.35 million from $819,000. Btr owns shopping centers and other commercial real estate.
Kmart Corp. earned $5.85 million (6 cents a share) in its first quarter ending April 28, an 83.1 percent drop from the $34.58 million (28 cents) earned in the same 1982 period, the firm reported yesterday.
Sales for the 13-week period were $3.6 billion, up 8.1 percent from $3.3 billion a year earlier.