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CV REIT RESUMES QUARTERLY CASH DIVIDEND

 WEST PALM BEACH, Fla., Nov. 24 ~PRNewswire~ -- The board of directors of CV Reit, Inc. (NYSE: CVI), a real estate investment trust, has declared a quarterly cash dividend of 25 cents per share payable Jan. 14, 1993, to shareholders of record on Jan. 4, 1993, the company announced today. In the third quarter, CV Reit declared a dividend payable in all of its common stock of Hilcoast Development Corp. In August, Hilcoast, a then-75 percent owned subsidiary, acquired the Century Village at Pembroke Pines, Fla., project subject to the then existing loans from CV Reit.
 Recognition of interest income on those loans had been discontinued during the second and third quarters and, as a result, no cash dividends were declared during those periods. "As the result of the Hilcoast distribution, we have resumed recognition of interest income on those loans during October," Alvin Wilensky, president and chief executive officer, said.
 The company's most recent cash dividend was 20 cents per share paid on April 7, 1992.
 -0- 11~24~92
 ~CONTACT: Alvin Wilensky, president and CEO of CV Reit, 407-640-3155~
 (CVI)


CO: CV Reit, Inc. ST: Florida IN: FIN SU: DIV

GK-OS -- NY060 -- 1161 11~24~92 14:51 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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