Mortgage & Realty Trust Reports $7-Million Loss
Mortgage & Realty Trust, a real estate investment trust with offices in Burbank and Elkins Park, Pa., posted a $7.05-million loss for its fiscal second quarter ended March 31.
The loss compared with a year-earlier loss of $14.1 million, and stemmed partly from Mortgage & Realty’s need to add $6 million to its loan-loss provision to cover deteriorating real estate investments.
The trust’s non-earning assets totaled 18% of its total assets as of March 31, up from 12% a year earlier. Mortgage & Realty emerged from reorganization under Chapter 11 of the bankruptcy laws in February, 1991.
For the first half of its fiscal year, Mortgage & Realty lost $12.2 million, compared with a loss of $16.5 million a year earlier.
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