Angeles Mortgage Investment Trust Reports Second Quarter Fiscal 1997 Results.

LOS ANGELES--(BUSINESS WIRE)--Aug. 7, 1997--Angeles Mortgage Investment Trust (ASE:ANM) Thursday reported net income of $1,462,000, or 55 cents per Class A share, in the fiscal year 1997 second quarter ended June 30, on revenues of $1,758,000.

In the 1996 second quarter, the Trust reported a net income of $1,033,000, or 37 cents per Class A share, on revenues of $631,000.

For the six months ended June 30, 1997, net income was $2,344,000, or 89 cents per Class A share, on revenues of $2,993,000, compared with net income of $1,744,000, or 62 cents per Class A share on revenues of $1,785,000, in the 1996 like period.

Revenues for the three and six months ended June 30, 1997 include interest income recognized from restructuring four mortgage loans. The loan restructurings capitalized into principal, accrued interest and late fees of approximately $409,000 and $440,000 during the quarters ended March 31, 1997 and June 30, 1997, respectively. In addition during the quarter ended June 30, 1997, the Trust recognized approximately $340,000 relating to recovery of bad debt and a gain of $28,000 from the sale of a joint venture interest obtained from a foreclosure action.

The prior period results for the three months ended June 30, 1996 reflect the settlements in June 1996 of State and Federal claims the Trust brought against others relating to the use of non-public information by a group of investors. In conjunction with this settlement, the Trust offset $764,000 in settlement proceeds against legal expenses in June 1996. -0-

                 Angeles Mortgage Investment Trust

                                 As of June 30 and for the
                       Three Months Ended       Six Months Ended
                       1997        1996         1997        1996

Operating revenue   $1,758,000  $  631,000   $2,624,000  $1,415,000
Gain from sale of
 real property         --            --          28,000     184,000
Recovery of bad
 debt                  --            --         341,000     186,000
   Total revenues    1,758,000     631,000    2,993,000   1,785,000

Operating expenses
 and other            (160,000)   (215,000)    (453,000)   (467,000)
Legal expenses and
 offsets              (136,000)    617,000     (196,000)    426,000
  Total costs and
   expenses           (296,000)    402,000     (649,000)    (41,000)

 Net income before
  extraordinary item 1,462,000   1,033,000    2,344,000    1,744,000
Debt forgiveness        --           --           --          --
 Net income         $1,462,000  $1,033,000   $2,344,000   $1,744,000

Net income per Class A
 share               55 cents    37 cents     89 cents     62 cents
Cash distributions per
 Class A share       24 cents    12 cents     46 cents     22 cents
Weighted average Class
 A shares
 outstanding         2,617,000   2,756,800    2,617,000    2,791,750

Total assets                                $44,395,000  $36,667,000
Notes and advances
 payable                                         --            --
Shareholders' equity                        $44,228,000  $36,531,000

CONTACT: Angeles Mortgage Investment Trust

Ann Merguerian, 805/449-1335