Mortgage and Realty Trust Reports Losses

Mortgage and Realty Trust, a real estate investment trust with offices in Burbank and Elkins Park, Pa., reported larger net losses for its fiscal fourth quarter and year ended Sept. 30.

The trust’s three-month loss was $23.3 million, up from a $12.6-million loss a year earlier. For the fiscal year, it lost $54 million, in contrast with a $37.5 million loss in the previous year.

In the latest fiscal year, the trust’s provision for losses totaled $37 million. Deteriorating real estate values caused by generally lower rental rates, an oversupply of space and a lack of liquidity in the real estate industry continued to hurt its income-producing properties, Mortgage and Realty Trust said.