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CF INCOME PARTNERS L.P. REPORTS 1993 SECOND QUARTER AND SIX MONTHS RESULTS

 LOS ANGELES, Aug. 16 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, today reported a consolidated net loss of $1,873,000, or $.14 per unit, for the three months ended June 30, 1993, compared to a consolidated net loss of $7,309,000, or $.55 per unit, for the three months ended June 30, 1992. The partnership recorded a consolidated net loss of $3,651,000, or $.28 per unit, for the six months ended June 30, 1993, compared to a consolidated net loss of $9,439,000, or $.71 per unit, for the six months ended June 30, 1992. The decline in the net loss in the second quarter and six months of 1993 was primarily attributable to reduced losses from the resale portfolio.
 Income from the investment portfolio before depreciation and interest expense for the second quarter of 1993 improved $169,000 to $4,666,000, when compared to $4,497,000 for the second quarter of 1992. For the six months ended June 30, 1993, income from the investment portfolio before depreciation and interest expense improved $254,000 to $9,360,000, when compared to $9,106,000 for 1992. The improvement was primarily the result of increased occupancies at the partnership's Florida properties during 1993.
 Loss from the investment portfolio after depreciation and interest expense decreased $209,000, from $604,000 in the second quarter of 1992 to $395,000 in the second quarter of 1993. For the six months ended June 30, 1993 and 1992, the loss remained constant at $738,000 and $734,000, respectively.
 The activity of the partnership's resale portfolio for the second quarter of 1993 resulted in a loss of $179,000, as compared to a loss of $5,378,000 in the second quarter of 1992, and a loss of $271,000 for the six months ended June 30, 1993, as compared to a loss of $6,033,000 for the same 1992 period, in each case before prime line financing costs and general and administrative expenses incurred in administering the resale portfolio. The loss for the second quarter and six months of 1993 primarily resulted from a $100,000 allowance for losses on real estate on an industrial complex owned by the partnership. The loss for the second quarter and six months of 1992 primarily resulted from operating losses on the Koll LaVerne partnership and a $4,814,000 allowance for losses on this same partnership. The Koll LaVerne partnership was liquidated in October 1992.
 CF Income Partners L.P. is a publicly traded master limited partnership which has invested in income-producing multifamily residential, commercial and industrial properties.
 CF INCOME PARTNERS L.P. AND OPERATING PARTNERSHIPS
 Consolidated Statements of Operations
 (In thousands, except per unit data)
 (Unaudited)
 For the For the
 three months ended six months ended
 June 30, June 30,
 1993 1992 1993 1992
 Real estate held
 for investment:
 Rental revenue $6,338 $6,121 $12,796 $12,337
 Tenant reimbursements 812 740 1,618 1,567
 Operating expenses (2,410) (2,276) (4,897) (4,629)
 Ground rent (74) (88) (157) (169)
 Income before
 depreciation and
 interest expense 4,666 4,497 9,360 9,106
 Depreciation (1,177) (1,244) (2,352) (2,155)
 Interest expense (3,884) (3,857) (7,746) (7,685)
 Loss from real
 estate held for
 investment (395) (604) (738) (734)
 Real estate held
 for sale:
 Sales --- 992 --- 992
 Cost of sales --- (1,061) --- (1,061)
 Loss from property
 operations (95) (469) (193) (1,094)
 Income (loss) from
 investments in
 real estate
 partnerships 16 (26) 22 (56)
 Allowance for losses
 on real estate (100) (4,814) (100) (4,814)
 Loss from real estate
 held for sale (179) (5,378) (271) (6,033)
 Other income (expense):
 General and
 administrative
 expenses (440) (457) (936) (918)
 Interest expense
 on Prime Line (361) (368) (707) (745)
 Interest expense on
 Start-Up Loan (521) (522) (1,037) (1,043)
 Interest income 23 20 38 34
 Other income
 (expense) (1,299) (1,327) (2,642) (2,672)
 Net loss ($1,873) ($7,309) ($3,651) ($9,439)
 Net loss per unit ($0.14) ($0.55) ($0.28) ($0.71)
 -0- 8/16/93
 /CONTACT: Barbara J. Pape of CF Income Partners, 213-930-6246/
 (CFI)


CO: CF Income Partners L.P. ST: California IN: FIN SU: ERN

JL-MF -- LA010 -- 3008 08/16/93 11:02 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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