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CHAMPS REPORTS 1991 CASH FLOW PER SHARE OF 73.1 CENTS

 CHAMPS REPORTS 1991 CASH FLOW PER SHARE OF 73.1 CENTS
 ROCKVILLE, Md., March 5 /PRNewswire/ -- Capital Housing and


Mortgage Partners, Inc. (CHAMPS) (AMEX: CAP), a self-liquidating real estate investment trust (REIT), announced that cash flow from operations for the year ended Dec. 31, 1991, was approximately $3.6 million (73.1 cents per share). All cash flow came from regular operations of the company since there were no asset dispositions during 1991.
 Cash flow from operations is comprised of regular interest income and principal from mortgage investments, amortization of deferred costs and cash flow from two participating mortgage investments. Because cash flow is the basis for paying shareholder dividends, management believes cash flow is a better indicator of performance than the net income reported on financial statements.
 Net income for financial statement purposes for the year ended Dec. 31, 1991, was approximately $2.8 million (56 cents per share) as compared to approximately $3.0 million (60 cents per share) for the year ended Dec. 31, 1990.
 The CHAMPS portfolio consists of 12 federally insured mortgages which, as of Dec. 31, 1991, had a par value of $44.2 million or $8.87 per share. Management estimates the market value of the portfolio at year end to be $45.4 million or $9.12 per share.
 Of the 12 insured mortgages owned by CHAMPS, two were purchased at an average of 83.4 percent discount to par and have effective interest rates of 9.28 percent and 9.72 percent. Eight were purchased at or near par, with effective interest rates ranging from 10.00 percent to 10.43 percent. Two were participating mortgage investments purchased at par, with effective interest rates of 8.5 percent.
 CHAMPS is a self-liquidating real estate investment trust which invested in government-insured mortgage loans, mortgage-backed securities, and participating mortgage investments. The company, which is managed by CRI, Inc., intends to dispose of all of its mortgage investments by February 1999.
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 Periods Ended Three Months Twelve Months
 Dec. 31, 1991 1990 1991 1990
 (unaudited) (audited)
 Total cash flow $ 926,429 $ 948,408 $3,640,860 $3,709,632
 Total cash flow per
 weighted average
 share outstanding $ 0.186 $ 0.190 $ 0.731 $ 0.745
 Dividends paid per
 weighted average
 share outstanding $ 0.247(A) $ 0.244(A) $ 0.731 $ 0.743
 Income $ 859,318 $ 885,261 $3,512,309 $3,638,737
 Net income $ 694,662 $ 775,717 $2,792,793 $3,002,877
 Net income per
 weighted average
 share outstanding $ 0.14 $ 0.16 $ 0.56 $ 0.60
 Weighted average
 shares
 outstanding 4,981,752 4,981,752 4,981,752 4,981,752
 (A) For the four-month period ended Dec. 31, 1991 and 1990, respectively.
 -0- 3/5/92
 /CONTACT: James T. Pastore, 301-231-0323, or Susan J. Bressler, 301-468-3120, both of CRI/
 (CAP) CO: Capital Housing and Mortgage Partners, Inc.; CRI, Inc. ST: Maryland IN: SU:


DC -- DC005 -- 5255 03/05/92 08:29 EST
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Date:Mar 5, 1992
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