Mortgage and Realty Loses $2.3 Million in 2nd Quarter

Mortgage and Realty Trust, with executive offices in Burbank and Elkins Park, Pa., said it posted a $2.3-million net loss for the fiscal second quarter that ended March 31 and has begun negotiating with its creditors to restructure its debt.

Mortgage Realty said it will consider other alternatives if the company can’t reach a new agreement with its creditors. As of Dec. 31, Mortgage Realty had about $290 million of debt.

The struggling real estate investment trust had a net loss of $827,000 in the second quarter of 1992. For the first six months of its current fiscal year, the company’s net loss widened to $4.7 million from $982,000 in last year’s first half.