Earnings & Deals: Real estate trusts report revenue, income gains for 2013 -- Gazette.Net







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Rockville-based Washington Real Estate Investment Trust reported that revenue for 2013 rose to $263.0 million, from $254.8 million in 2012. Net income increased to $37.3 million, from $23.7 million.

Bethesda-based First Potomac Realty Trust reported that 2013 revenue rose to $156.6 million, from $150.4 million. Net income increased to $11.0 million following a loss of $8.4 million in 2012.

Bethesda-based Pebblebrook Hotel Trust saw 2013 revenue jump to $489.2 million, from $380.7 million in 2012. Net income almost doubled to $43.2 million.

Silver Spring biotech United Therapeutics Corp. saw net income for 2013 decline to $174.6 million, from $304.4 million in 2012. Revenue rose to $1.11 billion, from $906.1 million in 2012.

Bethesda-based RLJ Lodging Trust closed on the sale of 11 of its lowest-performing hotels in Colorado, Florida, Indiana, Michigan, Nevada and Texas for about $85 million.

In early February, RLJ agreed to purchase 10 higher-performing hotels on the West Coast from Hyatt Hotels Corp. for about $313 million.

The Maryland Industrial Partnerships program, an initiative of the Maryland Technology Enterprise Institute at the University of Maryland, has approved funding for 15 research projects worth $4.1 million.

Awardees include Jungho Kim, a mechanical engineering professor at the University of Maryland, College Park, who was awarded $1.1 million. He is working with Germantown-based Earth Networks on a WeatherBug home residential energy efficiency product.

Bethesda e-commerce software business Spree Commerce raised $5 million in Series A funding led by Thrive Capital. The Vegas Tech Fund, led by Tony Hsieh, CEO of Zappos.com, was among the participants.

Rockville biotech 20/20 GeneSystems won a $750,000 research award from the National Cancer Institute for work on a test to help predict whether a patient with advanced stage kidney cancer is likely to benefit from anti-angiogenic therapy.

Rockville biotech Emergent BioSolutions completed its acquisition of Canadian biotech Cangene Corporation for $222 million. The deal was approval by the Ontario Superior Court of Justice and by Cangene shareholders.

Baltimore sports apparel company Under Armour extended its partnership agreement with the U.S. speedskating team for eight years, including to remain as the national team’s exclusive competition suit provider through 2022.

The company was involved in a flap over a suit developed with Bethesda-based Lockheed Martin that some skaters said created drag and hindered their ability to stay low to maintain maximum speed during the recent Olympic Games in Sochi. A U.S. Olympic Committee officials said the suits did not hinder performance.