CV Reit Reports Improved Year End/4th Quarter Funds From Operations.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--March 27, 1998--CV Reit, Inc. (NYSE:CVI) reported that for the year ended December 31, 1997, Funds From Operations (FFO) increased to $9,099,000, or $1.14 per share, on revenues of $13,315,000, compared to $8,956,000, or $1.12 per share, on revenues of $12,752,000 for 1996. Net income for 1997 amounted to $8,515,000, or $1.07 per share, compared to net income of $9,570,000, or $1.20 per share, during the previous year. Net income for 1996 included approximately $1 million of non-recurring credits principally due to a reversal of previously recorded losses.

Fourth quarter FFO was $2,256,000, or 28 cents per share, on revenues of $3,670,000, compared with FFO of $2,245,000, or 28 cents per share, on revenues of $3,367,000, for the corresponding quarter of 1996. Fourth quarter net income was $2,056,000, or 26 cents per share, compared with $2,879,000, or 36 cents per share, for the last quarter of 1996. Net income for the fourth quarter of 1996 included approximately $800,000 of the aforementioned non-recurring credits.

H. Irwin Levy, Chairman of the Board, noted that "in anticipation of the closing of the acquisition of nine shopping centers, an office building, and a real estate management and leasing company, which occurred on December 31, 1997, the company maintained significant amounts of available cash in high quality short-term and overnight investments during 1997. These low yielding investments adversely affected FFO and net income during 1997." -0-

CV REIT, INC.
Financial Highlights


                    For the Three Months Ended   For the Year Ended
                      12/31/97     12/31/96     12/31/97     12/31/96

Revenues            $ 3,670,000  $ 3,367,000  $13,315,000  $12,752,000

Funds From
  Operations (FFO)    2,256,000    2,245,000    9,099,000    8,956,000

Net income            2,056,000    2,879,000    8,515,000    9,570,000

Per share:
  FFO               $       .28  $       .28  $      1.14  $      1.12
  Net income        $       .26  $       .36  $      1.07  $      1.20

Average common
  shares outstanding  7,966,621    7,966,621    7,966,621    7,966,621

CONTACT: L.B. Stauffer

Porter, Le Vay & Rose, Inc.

[phone]

or

Company Contact:

H. Irwin Levy

[phone]