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ANGELES PARTICIPATING MORTGAGE TRUST REPORTS FISCAL 1991 RESULTS

 ANGELES PARTICIPATING MORTGAGE TRUST REPORTS FISCAL 1991 RESULTS
 LOS ANGELES, March 3 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) today reported net income of $4,806,000, or $1.87 per Class A share, in the fiscal year ended Dec. 31, 1991. Revenue was $5,448,000. In the 1990 fiscal year, net income was $4,658,000, or $1.81 per Class A share, on revenue of $5,309,000.
 Net cash from operations for fiscal 1991 was $2.01 per Class A share. The difference between net income and net cash from operations is primarily due to the unearned portion of participation interest from the trust's permanent participating mortgages on four factory-direct shopping malls owned by affiliated Factory Merchants Malls.
 Joseph Cattivera, chairman of the board of trustees, said the trust is in the unique position of having invested in a real estate niche at the forefront of a significant retailing movement. "We are enthusiastic about the continuing strong performance of the trust and of its underlying assets," he said.
 Cash distributions in both fiscal 1991 and 1990 were $2.00 per Class A share. The trust has a stated distribution policy of paying a minimum of $2.00 per share per year, with that rate guaranteed through October 1993.
 The trust's advisor is Angeles Funding Corp., a member of the Mortgage Bankers Association of America, and a wholly owned subsidiary of Angeles Corp. (AMEX: ANG)
 Angeles Corp. is a real estate investment management company with approximately $1.5 billion of assets under management.
 -0- 3/3/92
 /CONTACT: Steve Leach, 800-421-4374, ext. 598 or 310-284-3598, or Walter S. Losk, 800-421-4374, ext. 585 or 310-284-3585, both of Angeles Participating Mortgage Trust/
 (ANG APT) CO: Angeles Participating Mortgage Trust ST: California IN: FIN SU: ERN


DM-CH -- LA017 -- 4497 03/03/92 12:56 EST
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Publication:PR Newswire
Date:Mar 3, 1992
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