CV Reit reports improved first quarter operating results.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--May 9, 1996--CV Reit Inc. (NYSE:CVI), a real estate investment trust, today reported improved operating results for the first quarter ended March 31, 1996.

First quarter net income increased 16 percent to $2,362,000, or 30 cents per share, on revenues of $3,290,000 compared with $2,037,000, or 26 cents per share, on revenues of $3,321,000, for the corresponding quarter last year.

Funds from operations for the quarter rose to $2,204,000, or 28 cents per share, compared with $2,115,000, or 27 cents per share, for the first quarter of 1995.

Alvin Wilensky, president and chief executive officer, noted that net income for the current year's quarter includes a $243,000 net non-recurring credit, primarily consisting of a recovery of previously recorded losses. -0-

CV REIT INC.
Financial Highlights (Unaudited)

                             For the Three Months Ended
                             3/31/96            3/31/95

Revenues                   $3,290,000          $3,321,000

Net income                  2,362,000           2,037,000

Funds from operations       2,204,000           2,115,000

Per common share:
 Net income                    $.30               $.26
 Funds from operations         $.28               $.27
 Dividends declared            $.27               $.27

Average common shares
 outstanding                7,966,621           7,966,621
-0-

CONTACT: CV REIT INC.

Alvin Wilensky, 407/640-3155

or

Porter LeVay & Rose Inc.

Hal Le Vay, 212/564-4700