Seacoast Takes Hit From REIT Law

Published April 28, 2003, 2:00 p.m. EDT

1 Min Read

A recently enacted Massachusetts law pertaining to real estate investment trusts has resulted in an $11.2 million charge to the earnings of Seacoast Financial Services Corp. for the first quarter, the company has announced.Seacoast, based in New Bedford, Mass., reported a net loss of $3 million ($0.13 per share) for the quarter. Excluding the charge for accrued tax liability related to the new law, which disallows companies from deducting dividends from REIT subsidiaries, Seacoast’s net income was $8.2 million ($0.36 per diluted share). The company can be found online at http://www.seacoastfinancial.com.

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