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AMERICA FIRST REIT ANNOUNCES DIVIDEND

 OMAHA, Neb., Dec. 30 /PRNewswire/ -- The board of directors of America First Reit Inc. (AMEX: AFR) has declared a dividend of $.375 per share for the fourth quarter of 1993. The dividend, which represents the second dividend declared by the REIT, will be paid on Jan. 31, 1994, to holders of record as of Dec. 31, 1993. The REIT recently reported funds from operations of 46 cents per share for the third quarter of 1993.
 The REIT has a portfolio of seven multifamily properties located in Florida, Virginia, South Carolina, Tennessee, Texas and Arizona. REIT management is currently in the process of bidding on several acquisitions of multifamily properties. The REIT secured two lines of credit in October and expects long-term permanent financing for new properties to be in place during the first quarter of 1994.
 America First REIT trades on the American Stock Exchange under the symbol AFR. Based on a recent price of $18, the dividend yield on the shares would be approximately 8.33 percent on an annualized basis. At Sept. 30, 1993, dividend coverage from funds from operations was 122 percent and the REIT's book value per share was approximately $24.38.
 -0- 12/30/93
 /CONTACT: Maurice Cox Jr. of America First, 402-444-1630/
 (AFR)


CO: America First REIT Inc. ST: Nebraska IN: FIN SU: DIV

BB -- DV001 -- 8016 12/30/93 10:50 EST
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Publication:PR Newswire
Date:Dec 30, 1993
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