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COPLEY PROPERTIES, INC. ANNOUNCES SECOND QUARTER RESULTS

 BOSTON, Aug. 13 /PRNewswire/ -- Copley Properties, Inc. (AMEX: COP), a real estate investment trust, reported its second quarter results of operations. Cash from operations for the second quarter of 1993 was $905,130 or 25 cents per share as compared with $882,225 or 25 cents per share in the first quarter of 1993, and $788,512 or 22 cents per share for the second quarter of 1992. Copley paid a dividend of 20 cents per share for the second quarter of 1993 on Aug. 11, 1993.
 The company also reported a net loss for the second quarter of 1993 of $701,510 or 20 cents per share, as compared with a net loss of $169,614 or 5 cents per share in the first quarter of 1993 and $119,752 or 3 cents per share for the second quarter of 1992. The second quarter 1993 results include a write-down of $900,000 on the company's underdeveloped land in Florida. The write-down is partially offset by improved property and joint venture operations which increased from the first quarter of 1993 by approximately $377,000.
 Steven E. Wheeler, president of Copley Properties, stated that second quarter operating results continued to reflect improved occupancy at the company's properties and increasing cash flow. Improvement in property income is the result of this and prior quarter's leasing activities. The improved results of property operations were, however, offset by the write-down on the company's underdeveloped land in Florida. We believe underdeveloped land values will stabili vacancy rates stabilize, and positive absorption occurs. Also, during the quarter, one loan was paid off which is a first step toward achieving our goal to reduce the leverage of the portfolio.
 COPLEY PROPERTIES, INC.
 1993(a) 1992(a)
 Quarter ended June 30:
 Cash from operations $905,000 $789,000
 Net loss 702,000 120,000
 Weighted average
 shares outstanding 3,584,350 3,584,350
 Per share results:
 Cash from operations 25 cents 22 cents
 Dividend 20 cents 20 cents
 Net loss 20 cents 3 cents
 Six months ended June 30:
 Cash from operations $1,787,000 $1,535,000
 Net loss 871,000 518,000
 Weighted average
 shares outstanding 3,584,350 3,584,350
 Per share results:
 Cash from operations 50 cents 43 cents
 Dividend 40 cents 40 cents
 Net loss 24 cents 14 cents
 NOTE: (a) All cash and income numbers are rounded to the nearest
 thousand.
 -0- 8/13/93
 /CONTACT: Mary L. Lentz of Copley Properties, Inc., 617-578-1295/
 (COP)


CO: Copley Properties, Inc. ST: Massachusetts IN: FIN SU: ERN

CM-DJ -- NE008 -- 2678 08/13/93 16:12 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
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