Mills Corp., an Arlington-based developer and owner of shopping malls, said recent acquisitions, mall openings and improved occupancy led to an increase in fourth-quarter profit.
Mills earned $23.9 million (54 cents a share), compared with $12.5 million (45 cents) in the fourth quarter of 2001. Some of the increase was attributable to gains related to foreign currency exchanges and the earnings of joint venture investments.
Revenue was $70.3 million in the quarter, up from $51.9 million a year earlier.
For the year, Mills earned $62.5 million ($1.66) on revenue of $221 million, compared with $21.2 million (84 cents) on revenue of $192.4 million in 2001. The company's funds from operations, a standard measure of real estate company performance, were $169.1 million in 2002, compared with $121.5 million in 2001.
* Washington Real Estate Investment Trust, a Rockville owner of retail, office, industrial and multifamily properties, said it earned $12.1 million (31 cents) on revenue of $39 million in the fourth quarter, compared with net income of $12.4 million (32 cents) on revenue of $37.8 million in the fourth quarter of 2001.
The company said its retail and apartment properties have held up in the recent economic slump, while its office and industrial properties haven't fared as well.
For the year, Washington Real Estate earned $51.8 million ($1.32) on revenue of $152.9 million, compared with net income of $52.4 million ($1.38) on revenue of $147.3 million in 2001. The company's funds from operations were $77.2 million last year, up from $74.3 million in 2001.
* NCRIC Group Inc., a Washington provider of doctor liability insurance, earned $801,000 (22 cents) in the fourth quarter, compared with a loss of $312,000 (9 cents) in the fourth quarter of 2001. Revenue in the quarter was $12.3 million, up from $8.6 million a year earlier.
For the year, NCRIC earned $742,000 (20 cents), compared with net income of $1.6 million (44 cents) in 2001. The annual profit was affected by a larger allowance for uncollectable premiums in 2002. Revenue in 2002 was $42.7 million, up from $33.2 million in 2001.