Mid-Atlantic Realty Trust Announces 8.3% Increase in Funds From Operations Per Share for the Quarter Ended March 31, 2001

Apr 30, 2001, 01:00 ET from Mid-Atlantic Realty Trust

    LUTHERVILLE, Md., April 30 /PRNewswire/ -- Mid-Atlantic Realty Trust
 (NYSE:   MRR) (MART) announced today the results of its operations for the
 quarter ended March 31, 2001.
     For the quarter ended March 31, 2001, MART's diluted Funds from Operations
 (FFO) was $.38 per share compared to $.35 per share for the quarter ended
 March 31, 2000.
     According to LeRoy E. Hoffberger, Chairman, "We are pleased with these
 results for the quarter which were in line with expectations."
     According to F. Patrick Hughes, President and Chief Executive Officer,
 "MART's quarterly results were impacted positively by the acquisition of the
 153,000-square-foot Fullerton Plaza (March 2000), the 88,000-square-foot
 Stonehedge Square (February 2000), as well as the completed redevelopments at
 Rosedale Plaza (August 2000), Glen Burnie Village (December 2000) and Security
 Square Shopping Center (February 2001)."
     Added Mr. Hughes, "We believe that future results should be enhanced by
 the completion of the Weis Market anchored Waverly Woods Shopping Center in
 Howard County, Maryland (grocery anchor opened March 2001; the remaining
 retail to open in May 2001) as well as the remaining retail at Security Square
 Shopping Center.
     FFO is defined as net earnings (computed in accordance with generally
 accepted accounting principles), excluding cumulative effects of changes in
 accounting principles, extraordinary items and gains or losses from sales of
 operating properties, plus depreciation and amortization, and after
 adjustments to record unconsolidated partnerships and joint ventures on the
 same basis.  Diluted financial information assumes that all partnership units
 and convertible debentures are converted into common shares.
     For the three months ended March 31, 2001, diluted FFO was $6,974,347
 versus $6,410,404 for the first quarter of 2000, while revenues increased to
 $15,246,088 from $13,909,381.
     Net earnings computed in accordance with generally accepted accounting
 principles (GAAP), for the three months ended March 31, 2001 were $3,294,664
 or $.24 per share basic and $.23 per share diluted share versus March 31, 2000
 results of $2,927,006 or $.21 per basic and diluted share.
     Comparisons of results for the three months ended March 31, 2001 and 2000
 are as follows:
 
                             SUMMARY FINANCIAL DATA
 
                                              Three months ended,
                                                   March 31,
                                     Increase       2001           2000
 
     Revenues                           9.6%     $15,246,088    13,909,381
 
     Net Earnings                      12.6%      $3,294,664     2,927,006
 
     Earnings per share
       - basic                         14.3%           $0.24          0.21
       - diluted                        9.5%           $0.23          0.21
 
     FFO - diluted                      8.8%      $6,974,347     6,410,404
 
     FFO - diluted per share            8.3%           $0.38          0.35
 
     Weighted Average Shares
      FFO - diluted                               18,273,836    18,198,519
 
     MART is a fully integrated, self-administered and self-managed real estate
 investment trust (REIT) which owns, acquires, develops, redevelops, leases,
 and manages neighborhood and community shopping centers in the Middle Atlantic
 region.  MART shares are traded on the New York Stock Exchange under the
 symbol "MRR".
     A copy of this, other press releases, a supplemental financial package,
 links to SEC filings and other information about MART are available at MART's
 website (www.martreit.com).
 
     Statements made in this press release may include forward-looking
 statements under the federal securities laws.  Statements that are not
 historical in nature, including the words "anticipate," "estimate," "should,"
 "expect,"  "believe,"  "intend,"  "prospects," and similar expressions, are
 intended to identify forward-looking statements.  While these statements
 reflect the Company's good faith beliefs, they are not guarantees of future
 performance, and involve risk and uncertainties that could cause actual
 results to differ materially.  The Company disclaims any obligation to
 publicly update or revise any forward-looking statement, whether as a result
 of new information, future events or otherwise.  For a discussion of risks and
 uncertainties that could cause actual results to differ materially from those
 contained in the forward-looking statements, see the Risk Factors contained in
 Exhibit 99.1 to the Company's form 10-K for the last fiscal year.
 
     For further information, contact F. Patrick Hughes, President and Chief
 Executive Officer of MART, at (410) 684-2000.
 
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SOURCE Mid-Atlantic Realty Trust
    LUTHERVILLE, Md., April 30 /PRNewswire/ -- Mid-Atlantic Realty Trust
 (NYSE:   MRR) (MART) announced today the results of its operations for the
 quarter ended March 31, 2001.
     For the quarter ended March 31, 2001, MART's diluted Funds from Operations
 (FFO) was $.38 per share compared to $.35 per share for the quarter ended
 March 31, 2000.
     According to LeRoy E. Hoffberger, Chairman, "We are pleased with these
 results for the quarter which were in line with expectations."
     According to F. Patrick Hughes, President and Chief Executive Officer,
 "MART's quarterly results were impacted positively by the acquisition of the
 153,000-square-foot Fullerton Plaza (March 2000), the 88,000-square-foot
 Stonehedge Square (February 2000), as well as the completed redevelopments at
 Rosedale Plaza (August 2000), Glen Burnie Village (December 2000) and Security
 Square Shopping Center (February 2001)."
     Added Mr. Hughes, "We believe that future results should be enhanced by
 the completion of the Weis Market anchored Waverly Woods Shopping Center in
 Howard County, Maryland (grocery anchor opened March 2001; the remaining
 retail to open in May 2001) as well as the remaining retail at Security Square
 Shopping Center.
     FFO is defined as net earnings (computed in accordance with generally
 accepted accounting principles), excluding cumulative effects of changes in
 accounting principles, extraordinary items and gains or losses from sales of
 operating properties, plus depreciation and amortization, and after
 adjustments to record unconsolidated partnerships and joint ventures on the
 same basis.  Diluted financial information assumes that all partnership units
 and convertible debentures are converted into common shares.
     For the three months ended March 31, 2001, diluted FFO was $6,974,347
 versus $6,410,404 for the first quarter of 2000, while revenues increased to
 $15,246,088 from $13,909,381.
     Net earnings computed in accordance with generally accepted accounting
 principles (GAAP), for the three months ended March 31, 2001 were $3,294,664
 or $.24 per share basic and $.23 per share diluted share versus March 31, 2000
 results of $2,927,006 or $.21 per basic and diluted share.
     Comparisons of results for the three months ended March 31, 2001 and 2000
 are as follows:
 
                             SUMMARY FINANCIAL DATA
 
                                              Three months ended,
                                                   March 31,
                                     Increase       2001           2000
 
     Revenues                           9.6%     $15,246,088    13,909,381
 
     Net Earnings                      12.6%      $3,294,664     2,927,006
 
     Earnings per share
       - basic                         14.3%           $0.24          0.21
       - diluted                        9.5%           $0.23          0.21
 
     FFO - diluted                      8.8%      $6,974,347     6,410,404
 
     FFO - diluted per share            8.3%           $0.38          0.35
 
     Weighted Average Shares
      FFO - diluted                               18,273,836    18,198,519
 
     MART is a fully integrated, self-administered and self-managed real estate
 investment trust (REIT) which owns, acquires, develops, redevelops, leases,
 and manages neighborhood and community shopping centers in the Middle Atlantic
 region.  MART shares are traded on the New York Stock Exchange under the
 symbol "MRR".
     A copy of this, other press releases, a supplemental financial package,
 links to SEC filings and other information about MART are available at MART's
 website (www.martreit.com).
 
     Statements made in this press release may include forward-looking
 statements under the federal securities laws.  Statements that are not
 historical in nature, including the words "anticipate," "estimate," "should,"
 "expect,"  "believe,"  "intend,"  "prospects," and similar expressions, are
 intended to identify forward-looking statements.  While these statements
 reflect the Company's good faith beliefs, they are not guarantees of future
 performance, and involve risk and uncertainties that could cause actual
 results to differ materially.  The Company disclaims any obligation to
 publicly update or revise any forward-looking statement, whether as a result
 of new information, future events or otherwise.  For a discussion of risks and
 uncertainties that could cause actual results to differ materially from those
 contained in the forward-looking statements, see the Risk Factors contained in
 Exhibit 99.1 to the Company's form 10-K for the last fiscal year.
 
     For further information, contact F. Patrick Hughes, President and Chief
 Executive Officer of MART, at (410) 684-2000.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X76174436
 
 SOURCE  Mid-Atlantic Realty Trust