CV Reit reports first quarter operating results.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--April 15, 1997--CV Reit, Inc. (NYSE:CVI), a real estate investment trust, today reported operating results for the first quarter ended March 31, 1997.

Funds From Operations (FFO) for the quarter rose to $2,284,000, or 29 cents per share, compared with $2,204,000, or 28 cents per share, for the first quarter of 1996. The increase reflects higher net rental income attributable to the Company's September 1996 acquisition of the 85,000 square foot Century Plaza shopping center in Deerfield Beach, FL, and reduced administrative expenses.

First quarter net income amounted to $2,138,000 or 27 cents per share, on revenues of $3,347,000, compared with net income of $2,362,000, or 30 cents per share, on revenues of $3,290,000 for the corresponding quarter last year. Net income for the previous year's first quarter includes a $243,000 net non-recurring credit, primarily consisting of a recovery of previously recorded losses.

H. Irwin Levy, chief executive officer of the company's financial adviser, stated, "Negotiations are continuing with respect to a previously announced proposed transaction which, if consummated, would result in CV Reit acquiring controlling interests in a number of strip shopping centers from private parties.

"Under the proposed transaction, CV Reit would issue additional shares and together with the private parties transfer certain real estate interests to an operating partnership. A principal from one of the private parties would be the chief executive officer of the partnership. The proposed transaction is subject to the negotiation of agreements, board and shareholder approvals, and other conditions," Levy concluded. -0-

CV REIT, INC.
Financial Highlights (Unaudited)

                                    For the Three Months Ended
                                     3/31/97        3/31/96

Revenues                           $3,347,000      $3,290,000

Funds From Operations (FFO)         2,284,000       2,204,000

Net income                          2,138,000       2,362,000

Per share:
    FFO                                  $.29            $.28
    Net income                           $.27            $.30
    Dividends declared                   $.29            $.27

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

CONTACT: CV REIT, INC.

H. Irwin Levy, 561/640-3100

-OR-

Porter, Le Vay & Rose, Inc.

David Mandy, 212/564-4700