EQK Realty Investors I Announces Second Quarter Results.

ATLANTA--(BUSINESS WIRE)--Aug. 18, 1997--EQK Realty Investors I (NYSE symbol EKR) today reported its operating results for the three months ended June 30, 1997, reporting a net loss of $375,000, or 4 cents per share, and funds from operations of $254,000, or 3 cents per share.

For the second quarter of 1996, the net loss was $475,000, or 5 cents per share, and funds from operations was $103,000, or 1 cent per share.

For the six months ended June 30, 1997, the trust's net loss was $853,000 or 9 cents per share, and funds from operations of $403,000, or 4 cents per share. For the comparable period in 1996, the net loss was $668,000, or 7 cents per share, and funds from operations was $421,000, or 5 cents per share.

The trust has one remaining real estate investment, Harrisburg East Mall, a regional shopping center located in Harrisburg, Pa. The trust previously sold Castleton Park, an office park in Indianapolis, Indiana, in December 1995 and sold Peachtree Dunwoody Pavilion, an office park located in Atlanta, Georgia, in three separate transactions during the period 1992-1993.

The company's operating statements follow: -0-

                         EQK REALTY INVESTORS I
                        STATEMENTS OF OPERATIONS
               (in thousands, except per share amounts)

                           (Unaudited)            (Unaudited)
                           Three Months       Six Months Ended
                         Ended June 30,            June 30,
                        1997        1996       1997        1996
Revenues from
 rental operations     $1,557     $1,412    $ 2,970    $  3,126
Operating expenses,
 net of tenant
 reimbursements           201        217        359         531
Other income               --        (72)        --        (264)
Depreciation and
 amortization             629        572      1,256       1,196
Income from
 rental operations        727        695      1,355       1,663
Interest expense        1,012        972      2,022       1,953
Other expenses, net of
 interest income           90        198        186         378
Net loss                 (375)      (475)      (853)       (668)
Non-cash and
 non-recurring items:
   Depreciation and
    amortization          629        572      1,256       1,196
   Inputed and deferred
    interest               --         78         --         157
   Other income            --        (72)        --        (264)
Funds from Operations   $ 254      $ 103      $ 403     $   421
Per Share Data:
  Net loss             ($0.04)    ($0.05)    ($0.09)     ($0.07)
  Funds from Operations $0.03      $0.01      $0.04       $0.05

Per share calculations are based on 9,264,344 weighted average shares outstanding during each period presented.

CONTACT: EQK Realty Investors I

William G. Brown Jr., 404/303-6100