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COLUMBIA REAL ESTATE INVESTMENTS, INC. REPORTS RESULTS

 COLUMBIA REAL ESTATE INVESTMENTS, INC. REPORTS RESULTS
 COLUMBIA, Md. Aug. 17 /PRNewswire/ -- The board of directors of Columbia Real Estate Investments, Inc. (AMEX: CIV) today announced a net loss (unaudited) for the quarter ended June 30, 1992 of $784,479 or $.17 per share. This compares to net earnings for the corresponding period in 1991 of $1,135,132 or $.24 per share. For the six month periods ended June 30, 1992 and June 30, 1991, respectively, net earnings (unaudited) were $69,489, or $.02 per share, and $2,276,257, or $ .47 per share, respectively. Total shareholders' equity (unaudited) at June 30, 1992 was $42,257,637.
 David Gallitano, chairman of the board, stated: "The dramatic drop in interest rates for the past six-eight months has generated unprecedented prepayment speeds for mortgages with interest rates of nine percent to 12 percent. As a result, the company's residential portfolio has been badly hit by these prepayments and this, in turn, has required Columbia Real Estate Investments to write down the value of those investments by $1.4 million at the end of the quarter."
 Columbia Real Estate Investments, Inc. is a real estate investment trust which invests in residential mortgages and other mortgage derivative products. It also has issued collateralized mortgage obligations (CMOs) through a special purpose subsidiary.
 -0- 8/17/92
 /CONTACT: Tom Ireton of Columbia Real Estate Investments, 301-964-8875/
 (CIV) CO: Columbia Real Estate Investments, Inc. ST: Maryland IN: SU: ERN


SM-DC -- NY064 -- 0613 08/17/92 15:21 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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