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CLEVETRUST REALTY INVESTORS ANNOUNCES IMPROVED OPERATING RESULTS FOR FISCAL YEAR 1993

 WESTLAKE, Ohio, Jan. 5 /PRNewswire/ -- John C. Kikol, president of CleveTrust Realty Investors (NASDAQ: CTRIS), announced improved operating results for fiscal 1993. The Trust reported $1,417,000 of Funds from Operations for fiscal 1993 compared to $857,000 for fiscal 1992, an improvement of $560,000. Funds from Operations are obtained by adding depreciation expense to the Trust's Net Income (Loss) before any gains on sales of real estate and extraordinary items.
 As a result of the 1992 Rights Offering, the sale of a portion of the Trust's Akron land and four small single-story office buildings located in Dallas, and the repayment of a $2,000,000 mortgage loan receivable, the Trust was able to reduce outstanding bank indebtedness $6,852,000. The Trust's debt to equity ratio declined from 2.52 to 1 at Oct. 1, 1992, to 1.47 to 1 at Sept. 30, 1993.
 On Nov. 23, 1993, the Trust mailed a prospectus and a rights certificate to all shareholders of record as of Nov. 12, 1993. The certificate entitles the shareholder to purchase one Share of Beneficial Interest of the Trust for every two Shares that the shareholder owns at a price of $3.25 per Share. Additionally, this offering also provides for an oversubscription privilege which entitles each holder of a right to subscribe for shares not purchased by other holders of rights. Four Trustees of the Trust have advised the Trust that they intend to subscribe for approximately $3,850,000 of Shares. The 1993 Rights Offering will expire at 5:00 p.m. Eastern Standard Time on Jan. 28, 1994, unless extended.
 The Trust previously announced that it plans to invest the proceeds from the 1993 Offering in suburban office buildings in the Midwest or Southwest. The Trust is considering acquisitions primarily in major cities in which the Trust currently owns and manages properties. When the Trust has successfully invested the proceeds from the 1993 Offering in suburban office buildings, the Trust plans to market its shopping centers and an apartment complex. If the Trust offers these properties for sale, it will be at targeted prices in excess of their carrying values, with the net proceeds then also being invested in suburban office buildings.
 At the October Quarterly Trustee's Meeting the Trustees agreed to increase the quarterly dividend from $.03 a quarter to $.04 a quarter, beginning with the distribution payable on Jan. 28, 1994, to shareholders of record as of Jan. 14, 1994. Shareholders who exercise their rights to purchase Shares pursuant to the 1993 Rights Offering prior to Jan. 14, 1994, will receive this distribution on the new Shares. Those shareholders who request additional Shares under the oversubscription privilege will not receive a distribution on these Shares, as these Shares will not be issued until Jan. 28, 1994.
 CLEVETRUST REALTY INVESTORS
 Three Months Ended Sept. 30
 Per Per
 1993 Share 1992 Share
 Operating Revenues $2,332,000 $2,425,000
 Less: Real Estate
 Operating Expenses (1,200,000) (1,583,000)
 Less: Interest Expense (600,000) (737,000)
 Less: General and
 Administrative Expenses (175,000) (155,000)
 Less: Depreciation Expense (545,000) (538,000)
 Income (Loss) before Gains
 on Sales of Real Estate (198,000) $(0.05) (588,000) $(0.30)
 Gains on Sales of Real Estate 0 0.00 51,000 0.00
 NET INCOME (LOSS) ($198,000) $(0.05) ($537,000) $(0.30)
 Weighted Average Number of
 Shares of Beneficial
 Interest 3,715,937 1,956,772
 Year Ended Sept. 30
 Per Per
 1993 Share 1992 Share
 Operating Revenues $9,652,000 $9,785,000
 Less: Real Estate
 Operating Expenses (4,797,000) (5,079,000)
 Less: Interest Expense (2,650,000) (3,110,000)
 Less: General and
 Administrative Expenses (788,000) (739,000)
 Less: Depreciation Expense (2,149,000) (2,197,000)
 Income (Loss) before Gains
 on Sales of Real Estate (732,000) $(0.22) (1,340,000) $(0.68)
 Gains on Sales of Real Estate 563,000 0.17 51,000 0.02
 Extraordinary Item - Gain
 on Early Extinguishment
 of Debt 286,000 .09 0 0.00
 NET INCOME (LOSS) $ 117,000 $0.04 ($1,289,000) $(0.66)
 Weighted Average Number of
 Shares of Beneficial
 Interest 3,291,810 1,956,772
 -0- 1/5/94
 /CONTACT: John C. Kikol, president, of CleveTrust Realty Investors, 216-899-0909/
 (CTRIS)


CO: CleveTrust Realty Investors ST: Ohio IN: FIN SU: ERN DIV

KL-BM -- CL011 -- 9358 01/05/94 12:52 EST
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Date:Jan 5, 1994
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